Photo Credit: Jennifer Uppendahl
AMC Theatres saw an 11.5% year-over-year increase in quarterly revenue which its CEO attributes to the release of Taylor Swift and Beyonce concert films. Here’s the latest.
AMC’s Q4 results are still grim as the company fights to maintain cash flow while posting a $182 million loss. Despite that, concessions revenue increased by $39 million year-over-year to $370 million, while admissions revenue surged by $53 million YoY to $614 million. AMC CEO Adam Aron attributes this growth entirely to the release of concert films from Taylor Swift and Beyonce.
“What is particularly noteworthy is how much AMC benefitted from our trailblazing industry leading efforts with our highly successful distribution of two concert movies—Taylor Swift: The Eras Tour and ‘Renaissance: A Film By Beyonce,’” Aron told investors.
“Despite a diminished box office overall, in the fourth quarter compared to the same quarter a year ago, AMC’s revenue grew by 11.5% and AMC’s adjusted EBITDA almost tripled. Literally, all of that increase in AMC’s revenue and EBITDA is attributable to our having shown these two movies in our theatres in the U.S. and internationally.”
“These two movies added greatly to movie theatre ticket sales across our entire industry, as just these two films represented fully one ninth of the complete Q4 domestic industry-wide box office. This is a stunning result given that neither of these films were on anyone’s drawing board until mid-year and that they were the first movies ever distributed by AMC in our entire 103-year history.”
“To that end, our praise for Taylor Swift and Beyonce Knowles Carter has no limit, and we offer our boundless thanks to those two world class artists for entrusting AMC to collaborate with them as the theatrical exhibition of their two masterpiece creations.”
‘Taylor Swift: The Eras Tour pulled in $179.8 million domestically, becoming the highest-grossing film in North America for Q4. Meanwhile, the Beyonce concert film ‘Renaissance’ pulled in $33.8 million in December alone.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DigitalMusicNews – https://www.digitalmusicnews.com/2024/02/29/amc-theatres-ceo-on-concert-films/
